Market news

4 May 2021

Brent to peak at $75 in Q3, before falling back - Capital Economics

FXStreet notes that Brent has hovered between $60 and $70 per barrel in recent weeks. Strategists at Capital Economics forecast a peak in prices in Q3, before they start to fall in Q4 and into 2022.

“We still expect a release of ‘pent-up’ demand for oil later this year as the rollout of vaccines paves the way for travel and leisure activities to resume. At the same time, oil supply is likely to remain somewhat constrained in the near term.”

“Our current forecast is that the price of Brent (WTI) will peak at around $75 ($72) per barrel in Q3 this year.”

“We expect oil prices to fall back in Q4 and into next year. Our end-year forecasts for Brent (WTI) are $70 ($67) per barrel for 2021, $60 ($57) for 2022 and $55 ($52) for 2023.”

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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